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Old 01-24-2016, 08:31 AM
 
Location: Nashville, TN
1,899 posts, read 1,205,858 times
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Quote:
Originally Posted by GeoffD View Post
If you look at income and wealth numbers, it's pretty obvious that Social Security isn't going away. As income and wealth stratification increase while defined benefit pensions become a distant memory, substantially more than half of today's 30-somethings will hit retirement age with Social Security as their sole means of support. There might be symbolic means testing of Social Security benefits but that will likely impact less than 5% of all retirees. If you don't have a career of 5%er income, it's highly unlikely you'll be subject to any kind of Social Security means test. You simply won't have enough income.
I never said social security will go away, but it's public knowledge that the bridge is out ahead, and they'll most likely continue paying at a reduced rate.

Alternatives to cuts across the board include an income-based payment structure. I can easily see that happening. Maybe those 5 percenters get their SS payments phased out partially or completely, while the low income folks get the full payment (or more). Just another way ants will get robbed to pay for more grasshoppers.

That's why I plan for $0 SS payments.
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Old 01-24-2016, 10:27 AM
 
Location: Long Neck , DE
4,903 posts, read 3,031,560 times
Reputation: 8025
Quote:
Originally Posted by reneeh63 View Post
I'm sorry, but how do people close to retirement age (or not!) not know this?! Study the website BEFORE you decide to collect or you could *********rself out of a lot of money.
You are correct. The problem is some of us never expected to live to be so old.
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Old 01-24-2016, 02:34 PM
 
Location: Central Massachusetts
4,800 posts, read 4,844,519 times
Reputation: 6377
Quote:
Originally Posted by numberfive View Post
The information in here is good for a "finger in the wind" type check, if your retirement is decades away. There are a handful of ways your social security checks can be reduced (retiring before full retirement age, certain programs designed to prevent "double dipping", etc).

Our retirement horizons are probably fairly similar. Who knows what Social Security will look like decades from now.

I'm doing all my retirement planning assuming I will get $0 from SS. Anything I do get is a bonus, even though I'm paying into it now to fund current retirees. It's otherwise just another tax where I'll never see the full benefit.

With so much time on your side now, coupled with high earnings, Social Security should be a non-issue for you.

This statement is ideal. Until you are at the point where you will collect SS then SS should not be a factor in your retirement planning. It is not that you will be without it in the future. It is that as long as you are working for a company that is paying into SS from your earnings it is automatic. What it does though is give you a crutch to lean on as you go through life to say that I don't need to do more cause I have this.

It is a mentality that should be used.
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Old 01-24-2016, 03:02 PM
 
20,728 posts, read 13,734,475 times
Reputation: 14398
Quote:
Originally Posted by numberfive View Post
I never said social security will go away, but it's public knowledge that the bridge is out ahead, and they'll most likely continue paying at a reduced rate.

Alternatives to cuts across the board include an income-based payment structure. I can easily see that happening. Maybe those 5 percenters get their SS payments phased out partially or completely, while the low income folks get the full payment (or more). Just another way ants will get robbed to pay for more grasshoppers.

That's why I plan for $0 SS payments.

"Bridge is out ahead"? Maybe, then again maybe not.


Congress will address SS as it does most everything else these days; when forced to do so by circumstances on the ground. Currently neither side wants to open up that can of worms for fear of losing control of the process and what will emerge as legislation.


On the Democratic side you have various agendas that pretty much would turn SS into a welfare/wealth redistribution scheme. That is taxing the wealthy more in return for more generous benefits to lower income persons, widows/females, etc.....


Republicans want to tighten things up with means testing and or revising certain parts of SS to "reduce fraud and waste"......


What is clear to anyone is that certain things *ARE* going to happen sooner or later. The cap on income and or FRA will need to be raised just to keep SS solvent. Everything else will come down to how far Congress is willing to change SS to reflect society no longer is an "Ozzie and Harriet" world.


For all claims otherwise the main group of women Social Security benefits are those who married, remained so and did so well but have no work record of their own, or it is inconsequential compared to their husband's. Everyone else it is a crap shoot; women who have high earning careers with little periods of absence from the workforce will be fine. Those that didn't and do are another story.


Hillary Clinton, the Warren woman and others want to make SS give extra consideration to women who leave the work force to have/raise children. That would place a HUGE cost on the system that neither has suggest how it will be paid.
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Old 01-24-2016, 05:53 PM
 
Location: Grove City, Ohio
10,131 posts, read 12,378,690 times
Reputation: 13951
Quote:
Originally Posted by TuborgP View Post
My wife gets my 100% spousal benefit, along with her 100% spousal benefit along with my close to max age 70 SS survivor benefit. If she passes first I get the same. We want to maximize fixed income for the surviving spouse. While not a goal for everyone a goal for us. While we are both alive we are also getting her SS benefit on her own record. We were focused on income and not aggregate over time results.
I agree.

Unless you are terminal not a one of us knows how much time we have left and I could care less about "breaking even".

The way my wife and I are structuring everything is to give us the maximum amount of income we can possibly get. It doesn't matter if I have one week or 40 years all I care about is that I never have to wake up in the morning and be worried about living comfortably and paying our bills.
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Old 01-25-2016, 05:48 AM
 
13,880 posts, read 7,391,112 times
Reputation: 25366
Quote:
Originally Posted by numberfive View Post
I never said social security will go away, but it's public knowledge that the bridge is out ahead, and they'll most likely continue paying at a reduced rate.

Alternatives to cuts across the board include an income-based payment structure. I can easily see that happening. Maybe those 5 percenters get their SS payments phased out partially or completely, while the low income folks get the full payment (or more). Just another way ants will get robbed to pay for more grasshoppers.

That's why I plan for $0 SS payments.
My point is they can't "continue paying at a reduced rate". Substantially more than half of Social Security recipients have that as their sole source of income and their pension is barely at poverty level. There's a 30% gap to make the program cash flow neutral forever. Taxes are going up 30% in some way. There might be symbolic means testing for affluent retirees but the odds are low that you'd be one of them.

The alternative is to let old people freeze to death and starve in the streets. That's where we were pre-FDR. Despite the Fox News rhetoric, we're not going back to that. Taxes are inevitably going to go up and the most affluent will end up paying most of that 30% gap. All the money they fling at creating the Fox News rhetoric has been effective delaying tactics but taxes are going up.
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Old 01-25-2016, 06:48 AM
 
Location: Nashville, TN
1,899 posts, read 1,205,858 times
Reputation: 1535
Quote:
Originally Posted by GeoffD View Post
My point is they can't "continue paying at a reduced rate". Substantially more than half of Social Security recipients have that as their sole source of income and their pension is barely at poverty level. There's a 30% gap to make the program cash flow neutral forever. Taxes are going up 30% in some way. There might be symbolic means testing for affluent retirees but the odds are low that you'd be one of them.

The alternative is to let old people freeze to death and starve in the streets. That's where we were pre-FDR. Despite the Fox News rhetoric, we're not going back to that. Taxes are inevitably going to go up and the most affluent will end up paying most of that 30% gap. All the money they fling at creating the Fox News rhetoric has been effective delaying tactics but taxes are going up.
I was referring to reduced payouts for higher income folks like the OP and myself. You're talking about low income people and those reliant solely on SS. Two different things.
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